Energy

OPEC+ Delays Planned Oil Output Increase Amid Falling Prices and Economic Concerns OPEC+, the alliance of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, has agreed to delay a planned oil output increase for October and November 2024. This decision comes after crude prices fell to their lowest in nine months, with further pauses …

Multan District Administration Lowers Transport Fares Amidst Fuel Price Cut In response to a recent decrease in petroleum prices, the district administration of Multan has announced a 2% reduction in commercial fares for both passenger and goods transport services. This initiative aims to provide financial relief to citizens amid fluctuating fuel costs. Regional Transport Authority (RTA) Secretary Mohsin Nisar stated, …

KCCI Calls for Urgent NEPRA Hearing on K-Electric Issues The Karachi Chamber of Commerce and Industry (KCCI) has called on the National Electric Power Regulatory Authority (NEPRA) to urgently convene a hearing with all relevant stakeholders to address pressing issues related to K-Electric (KE) that are significantly impacting both industrial and domestic consumers in Karachi. In a letter addressed to …

IMF Imposes New Conditions Following Punjab’s “Fiscally Reckless” Electricity Subsidy The International Monetary Fund (IMF) has imposed several new conditions on Pakistan’s provincial governments concerning energy subsidies and budget management. This move follows Punjab’s controversial decision to provide Rs45 to Rs90 billion in electricity subsidies over two months, which the IMF has labeled as “fiscally reckless.” Government sources revealed that …

British energy giant Shell plans to cut hundreds of jobs in its oil and gas exploration division as part of an extensive cost-cutting program it announced last year. According to a source familiar with the matter, the cuts will affect two key units specializing in hydrocarbon extraction projects, resulting in a 20% reduction in their workforces. Impact and Scope The …

Introduction The National Electric Power Regulatory Authority (Nepra) has approved a significant increase in electricity tariffs, raising rates by up to Rs1.90 per unit under the quarterly adjustment for the fourth quarter of the financial year 2023-24. This decision is set to impose a financial burden of approximately Rs46 billion on consumers across the country, including those served by state-owned …

Introduction For the third consecutive fortnight, the prices of major petroleum products—petrol and high-speed diesel (HSD)—are anticipated to decrease by approximately Rs5-6 per litre. This reduction is primarily attributed to the declining international market rates for the fortnight commencing September 1. International Market Influences Informed sources have indicated that the prices of petrol and HSD have fallen in the international …

A New Benchmark in Pakistan’s Renewable Energy K-Electric (KE) has set a new standard in Pakistan’s renewable energy sector with its 150-megawatt solar energy projects in Balochistan, achieving the country’s lowest-ever tariff bid. This milestone marks a significant shift in the nation’s energy generation approach, highlighting the growing trust in private sector-led initiatives, even in challenging economic times. Record-Low Tariff …

Federal Minister for Energy, Awais Leghari, recently acknowledged that Pakistan currently has the highest electricity costs in the region. Speaking at the National Youth Convention in Islamabad, the minister assured that the government is actively working towards resolving issues related to Independent Power Producers (IPPs) and is hopeful that positive news will soon emerge. Addressing IPP Challenges During his speech, …

Over the past decade, Pakistan has experienced a significant decline in its crude oil and gas production, according to data from the Pakistan Petroleum Information Service (PPIS). From 2015 to 2024, crude oil production fell from 94,500 barrels per day to 70,500 barrels per day, while gas production decreased by 900 million cubic feet per day (MMCFD). Crude Oil and …